集运指数（欧线）：10空单轻仓持有，低多12、02保护

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The main contract of the container shipping index has switched from 2508 to 2510. It is recommended to hold a light - short position in the 2510 contract and use low - long positions in the 2512 and 02 contracts for protection [10][13]. - The SCFIS index on July 14 was better than expected, which may drive the 2508 contract to have a subsidy - water space of 50 - 100 points [10]. - The spot freight rate is expected to decline gradually, with the decline rate accelerating in late August. Different scenarios are considered for the valuation of the 2508 contract, and the 2510 contract should be shorted in the long - term due to the traditional off - season [13]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Contracts: The 2510 contract increased its positions by 3971 lots, closing at 1440.7 points with a 4% increase; the 2508 contract decreased its positions by 1009 lots, closing at 2027.2 points with a 0.53% increase [1]. - Freight Rate Index: On July 14, the SCFIS European route index was 2421.94 points, a week - on - week increase of 7.3%. The SCFIS US - West route index was 1266.59 points, a week - on - week decrease of 18.7%. The SCFI European route index was 2099 $/TEU, a bi - weekly decrease of 0.1%, and the SCFI US - West route index was 2194 $/FEU, a bi - weekly increase of 5% [1]. - Spot Freight Rates: In late July, MSC and Yang Ming reduced prices, the Gemini Alliance slightly increased prices, and the OA and PA Alliances (ONE and HMM) kept their rates unchanged. The market freight rate center was stable at around 3350 $/FEU [11]. - Shipping Capacity: The weekly average shipping capacity in July was 301,000 TEU/week, and it was revised down to 335,000 TEU in week 31. The weekly average shipping capacity in August was 315,000 TEU/week, and there were 2 empty sailings and 8 pending voyages in September. The loading of the Gemini and OA Alliances in late July was relatively optimistic, while MSC faced increased cargo - collecting pressure [12]. 3.2 Macro News - Trump plans to manufacture top - level weapons for NATO, and NATO may supply weapons to other countries. NATO Secretary - General Rutte said that European countries are "stepping up" in weapons supply [9]. - Israel submitted its third version of the plan for the Israeli army to withdraw from Gaza. The EU is preparing to impose counter - tariffs on $84 billion worth of US goods if the US - EU trade negotiation fails [9]. 3.3 Trend Intensity The trend intensity of the container shipping index (European route) is 1, indicating a neutral trend [14].